Florida Traditions Bank to open soon

by Richard Kilner

Story link: Florida Traditions Bank to open soon

Florida Traditions Bank will open for business on 10 December of this year.

The new bank begins life with $20m from local investors and businessmen, and expects to lend to small businesses and farms, according to its president, Bud Stalnaker. In addition, the bank will deal in home and auto loans and checking accounts.

Stalnaker is a career banker, and has said that he believes the bank’s clientele wants staff and executives that come from the surrounding area.

He went on to say that the bank would aim to support local community projects, including Pasco County Fair and sports for young people.

Responding to the valid point that opening a bank as some believe a recession is about to happen is risky, Stalnaker acknowledged the economic situation is less than ideal but explained that he believes that the bank will not make any deals that cannot withstand turbulent times.

Florida Traditions will take over the building formerly occupied by Wachovia bank at 14033 Eighth St. in downtown Dade City. The bank’s backers acquired the site for $1.9m and renovated it with an additional $600,000 then hired 20 people to staff it.

The Florida Office of Financial Regulation has now given permission for the bank’s main office to open.

In February staff will be deployed to two new branches in Zephyrhills and Spring Hill.

The bank has 340 backers and, according to its president, is due to become profitable in 12-15 months.